One must have health insurance, but sometimes, your chosen health insurance plan may offer very basic coverage. In such cases, you can add health insurance add-ons to your base policy for extra protection.
You can choose from a wide variety of add-ons available with the insurer. However, in return, you will have to pay an additional premium amount for your health insurance plan. These add-ons, also known as Health Insurance Riders, act as extensions to your insurance policy.
Let's understand the different types of health insurance add-ons below.
What is a Health Insurance Add-On?
A health insurance add-on is an additional benefit that can be combined with your choice of health insurance by paying a little more towards the premium amount. With these add-ons, you can get more coverage for specific requirements when the time comes.
However, the IRDAI announced an important rule: no add-on amount can exceed 30% of the total premium amount.
For example, you get a health insurance plan with ₹4000 premium per annum and a sum insured of ₹50,000. Now, if you later decide to combine some add-ons with your plan, the total price of the add-ons cannot exceed ₹1200, which is 30% of the ₹4000 annual premium amount.
Types of Add-On Insurance Covers
Maternity Health Coverage
A maternity cover is an add-on benefit specially designed for pregnant mothers to cover the expenses incurred during childbirth. It commonly includes the delivery procedures Normal and C-Section for a predetermined sum amount to extend financial support in times of need. However, this add-on often has a waiting period of 24-48 months for the coverage to start.
Critical Illness Cover
A critical illness insurance cover is an add-on that provides complete coverage in case you are diagnosed with any critical illness, such as cancer, heart attack, or kidney failure. This could be combined as an add-on by some insurers, while for others, it could be a standalone
critical illness insurance policy separately.
Hospicash Cover
This add-on covers any non-medical expenses incurred during hospitalisation. Moreover, the policyholder is paid a daily cash allowance, which ranges from ₹500 to ₹5000, as per the policy terms mentioned in the documents.
Room Rent Waiver
A room rent waiver cover ensures that your health insurance policy covers the entire room rent charge at the hospital with no burden on your savings.
The medical bill depends not only on the type of treatment you are getting but is also highly influenced by the room rent and can be one of the highest expenses in some cases.
The standard health insurance policy generally limits the room rent. This means that if you have been allotted a room rent of ₹5000 under the insurance but you get admitted into a costly one, you have to cover the additional cost on your own.
Home Care Treatment
The home care treatment add-on provides ample financial coverage for medical expenses incurred due to different home treatments. These expenses come with fixed limits, so it is recommended that you understand the scope of coverage before choosing this add-on.
OPD Cover
The Outpatient Department cover provides financial assistance to cover treatment and consultation expenses that do not require admission to a hospital. It is designed to cover minor procedures that do not necessarily require hospitalisation but attract extensive medical bills.
Consumables Cover
The consumables cover is a health insurance add-on that manages the expenses incurred by medical equipment and supplies required for treatment. For treatments completed at a hospital, this add-on can cover items like syringes, masks, gloves, and other disposable items that are not included under basic coverage.
Restore Benefit Cover
The restore benefit cover allows you to enjoy the convenient option of restoring your sum insured value a certain number of times during the policy year in case it is exhausted due to any claim. This add-on is designed for policyholders who require continuous coverage even after numerous claims. Some insurers also allow for unlimited restorations.
Conclusion
Health insurance helps improve health and financial well-being. Thus, it is crucial to understand the impact of all the different types of health insurance add-ons on health and finances. With this, you can carefully choose a health insurance add-on after assessing your specific requirements.
Reliance General Insurance offers a wide range of
health insurance policies, each catering to the unique health needs of individuals. From individual and family floater plans to critical illness and senior citizen health insurance, you can choose a plan that aligns with your needs.
Frequently Asked Questions
1.Can I combine add-ons with my health insurance policy at the time of policy renewal?
Yes, you can easily combine add-ons at the time of renewal without any hassle. All you need to do is select as many add-ons as required when reviewing your current policy and cross-check the updated premium value. If it is satisfactory, you can make the payment, and your new policy with add-on coverage is ready for use.
2.Can you help with some tips on choosing the right add-ons for my health insurance policy?
Choosing the type and number of add-ons that you should combine with your base health insurance policy depends on various factors, and some of them include
Your medical history
Lifestyle habits
Pre-existing conditions
Location of residence
Age
Family medical history
3.Do all insurers offer the same add-ons?
No, the types of add-ons available with an insurer vary. Some insurers might offer more add-ons than others to offer more flexibility for a customised health insurance policy. Similarly, some insurers might only provide a handful of them to keep the options limited for faster decision-making.
